Portfolio News

LDC-backed Equiom acquires Asia-based Heritage Trust Group

LDC-backed Equiom, the leading trust and corporate services provider has announced the acquisition of Heritage Trust Group, one of Asia’s leading corporate services providers. 

Established in 2002, and with offices in Singapore, Hong Kong and the British Virgin Islands (BVI), Heritage Trust Group provides trust, foundation, fiduciary, corporate and accounting services. The business is led by Chief Executive Officer Angelo Venardos. 

The acquisition marks Equiom’s tenth deal to date, and ninth since LDC’s original investment in 2013, and will bring the business’ combined revenues to approximately £60million. 

Equiom formed a strategic partnership with Links Group in September, the leading provider of commercial facilitation and advisory services in the United Arab Emirates and Qatar. The investment forms part of an on-going growth strategy which has seen LDC invest over £22million. Other investments include the acquisitions of Vivat, Equation, Lloyds Trust Company and Ardel Trust Company, West Corporation Limited, AFP Corporate Services and the purchase of a book of business from Moore Stephens Trust Company in December 2014.  

Yann Souillard, LDC Managing Director for the South, said: “The acquisition of Heritage Trust Group will further extend Equiom’s international footprint, giving the business an on-the-ground presence in Singapore and the British Virgin Islands, which brings its office total to nine globally.  

“Equiom’s rate and scale of expansion shows its clear ambition to solidify its position as the market leader in the trust and corporate advisory field, and we are continuing to work with the management team to identify additional acquisition targets as part of our ongoing buy and build strategy.” 

Equiom’s Global Chief Executive Officer Sheila Dean commented: "The acquisition of Heritage Trust Group expands Equiom’s jurisdictional reach into the new areas of Singapore and BVI while expanding our current team in Hong Kong. Equiom’s growth strategy continues to concentrate on achieving scale and substance throughout every jurisdiction we operate in. I’m pleased to welcome Angelo and his team to Equiom – they echo Equiom’s philosophy of building long-standing relationships with clients and very much mirror our client services ethos. For Equiom clients this provides further access to international services and expertise. I thank our equity partners LDC and our legal advisers Gowling WLG for their valued input and support throughout this acquisition project."

Angelo Venardos Chief Executive Officer of Heritage Trust Group added: "This is a positive move for Heritage Trust Group. Our priority has always been to provide the best service in the industry and this has become increasingly difficult in an environment faced with more competition and regulatory requirements. Becoming part of the Equiom Group will ensure our clients continue to receive the service they deserve, in addition to benefitting from the breadth of services and skills available through the wider Equiom Group. Heritage clients can rest assured that they will continue to liaise with the same contacts who will now become employees of Equiom. From their perspective, nothing will change other than access to a much expanded range of global services."

A total of 60 staff, including the senior management team, will join Equiom Group with immediate effect. The Hong Kong team will move into Equiom’s established offices and Heritage will rebrand to Equiom in January 2017.

Article Footnotes

Notes to Editors

  1. LDC is part of the Lloyds Banking Group and is authorised and regulated by the Financial Conduct Authority
  2. LDC back ambitious management teams from UK-based companies seeking between £2m and £100m of equity for management buy-outs, institutional buy-outs or development capital transactions.
  3. LDC invests in a broad range of sectors and has particular experience in Construction & Property, Financial Services, Healthcare, Industrials, Retail & Consumer, TMT, Travel & Leisure and Support Services.
  4. LDC has a UK regional network of 9 offices.